Group 1 - The core point of the news is that Giant Star Legend Group Limited plans to acquire a 1.17% stake in National Stadium Co., Ltd. through its subsidiary, reflecting the government's encouragement for private capital to participate in major public facility operations [1][2] - National Stadium Co., Ltd. is the main entity responsible for the construction and operation of the National Stadium ("Bird's Nest"), which is a significant national project and an internationally recognized cultural landmark [1] - The acquisition aligns with the company's strategic development direction, leveraging the unique asset of the Bird's Nest to enhance collaboration in large-scale cultural and sports events and IP resource integration [2] Group 2 - The acquisition is seen as a positive attempt at mixed-ownership reform in the cultural and sports sector, indicating a shift towards greater involvement of private enterprises in public infrastructure [1] - Giant Star Legend has established a leading position in the creation, operation, and commercialization of celebrity IP, which will be further enhanced through this acquisition [2] - The partnership is expected to create positive benefits for the group's long-term development by improving its capabilities in IP value transformation and industry synergy [2]

Group 1 - The target company is the construction and operation entity of the National Stadium (Bird's Nest), with approximately 53.23% of its shares held by Beijing State-owned Assets Management Co., Ltd. [1] - The board of directors of Giant Star Legend believes that the Bird's Nest, as a rare landmark asset, will enable more collaboration in large-scale cultural and sports events and IP resource integration through the acquisition [1] - The acquisition is expected to enhance the group's capabilities in IP value transformation and industrial synergy, creating positive benefits for the group's long-term development [1] Group 2 - On September 16, Giant Star Legend announced through the Hong Kong Stock Exchange that its wholly-owned subsidiary, Xing Chuang Yi (Kunshan) Cultural Entertainment Co., Ltd., has entered into a share acquisition agreement [3] - According to the agreement, Xing Chuang Yi will conditionally acquire approximately 1.17% of the shares of the National Stadium Limited Liability Company, corresponding to a registered capital of approximately 24 million yuan that has been fully paid [3]

据悉，目标公司为一家于2003年12月17日根据中国法律成立的有限公司，其主要从事国家体育场项目的 投融资、建设、运营管理(包括举行各种文化、体育、娱乐活动)。截至公告日期，目标公司由北京市国 有资产经营有限责任公司持有约53.23%股权。目标公司为"国家体育场(鸟巢)"的建设与运营主体，鸟巢 是国家重点建设的标志性工程，亦为国际知名的体育与文化地标。其在大型体育赛事、文体演艺活动及 旅游经济等方面具有重要地位和深远影响。 集团在明星IP的创造、运营及商业化方面具备行业领先优势，已形成较为完善的IP矩阵及内容孵化能 力。董事会认为，收购事项符合公司战略发展方向。目标公司拥有的鸟巢为稀缺的地标性资产，通过收 购事项，公司将能够与目标公司在大型文体演艺活动与IP资源结合方面开展更多合作，充分发挥双方所 长，进一步提升集团在IP价值转化及产业协同方面的能力，为集团长期发展创造积极效益。 格隆汇9月16日丨巨星传奇(06683.HK)宣布，公司全资附属公司星创艺(昆山)文娱有限公司(星创艺)近日 与北京金州阳光谘询有限公司("转让人")及德勤华永会计师事务所(特殊普通合夥)北京分所(转让人的管 理人)("德勤")订立 ...

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The report highlights the release of the "Consumption Boost Special Action Plan," which emphasizes the importance of cultural and sports consumption, particularly in gaming and esports. The plan supports the development of original IP in animation, games, and esports, aiming to enhance derivative product consumption and expand the domestic market for national brands [1][2] - The policy encourages the integration of traditional cultural elements into gaming IP, enhancing user engagement and commercialization opportunities through esports events. It also promotes the development of derivative products, facilitating monetization pathways for gaming IP through physical merchandise and theme parks [1] - The report suggests that the policy will inject vitality into the entertainment industry by addressing both supply-side (approval streamlining, scene innovation) and demand-side (IP consumption, national brand promotion) factors. Companies that can integrate culture, technology, and consumption are expected to benefit significantly from these policy incentives [2] Summary by Sections Industry Dynamics - The report notes a significant decline in the industry, with a drop of 29% from March 2024 to March 2025, compared to the CSI 300 index [4] Investment Recommendations - The report recommends focusing on companies with strong capabilities in cross-industry resource integration and rapid overseas expansion, including Tencent Holdings, NetEase, Perfect World, and others [2]